S. 143(1): Assessment-Intimation-Business expenditure-Interest on pension bonds-Indian Accounting Standard (Ind AS)-109 fair value adjustment-Incorrect reporting in return-Matter remanded-Employer’s contribution to pension and gratuity trust-Payment before due date of return-CPC adjustment due to incorrect reading of Form 3CD-Matter remanded.
[S.43B, 139(1)]

S. 124: Jurisdiction of Assessing Officers-Pecuniary jurisdiction-Income exceeding ₹30 lakhs-Notice issued by Income-tax Officer without jurisdiction-Assessment invalid.[S. 119, 120, 127, 143(2)]

S. 115P : Domestic companies-Tax on distributed profits-Interest-Dividend Distribution Tax-Credit-Matter remanded for verification.

S. 92C: Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Outstanding receivables from Associated Enterprises-Separate international transaction-Interest to be computed at LIBOR + 200 basis points.[S. 92B, 92CA, 143(3), 144C]

S. 92C: Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Royalty-Transactional Net Margin Method-Principle of consistency-Matter remanded-Outstanding receivables-Delay beyond agreed credit period-Interest to be benchmarked at LIBOR + 200 basis points.[S.92B, 92CA]

S. 90: Double taxation relief-Non-resident-Government authority-Interest income-Abu Dhabi Investment Authority-Exempt under India-UAE DTAA-Denial based on Truecaller search unsustainable-DTA-India-UAE.[Art. 24(2)(b)(ii)]

S. 90: Double taxation relief-Foreign tax credit-Form No. 67 filed-Substantive compliance-Credit allowable.

S. 69C: Unexplained expenditure-Bogus purchases-Day-to-day stock records, GST documents and banking evidence produced-Sales accepted-Addition deleted-Estimated profit element-Purchase prices comparable with genuine purchases-No basis for estimating profit-Addition deleted.[S. 133(6)]

S. 69A: Unexplained money-Protective addition-Fraudulent bank account operated by third parties-No benefit or control of account by assessee-Addition deleted. [S 206C]

S. 69A: Unexplained money-Cash deposits-Availability of cash from earlier withdrawals-Matter remanded for fresh examination-Reassessment-“Reason to believe”-Prima facie belief sufficient-Reopening valid-Delay of six days was condoned. [S. 147, 148, 254(1)]